billfaster - developing the ipod of accounting applications
DESCRIPTION
Billfaster presentation to Small Business Association. Developing the Ipod of accounting applications. How to start a software as a service company, win market share with a compelling user offerTRANSCRIPT
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billfaster.com
The iPod of Accounting
Presentation to Small Business Association
Liam Birkett CEO
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billfaster.com…the ipod of accounting
Design and ease of use as competitive advantages…
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Billfaster.com Overview
• Easy-to-use entry-level invoicing and accounting system for small business.
• 3 modules
• Instant Invoicing – create and send online• Basic Accounting – automated • Basic CRM – instant access to customer records
• Fills the gap between Excel and ERP/Accounting packages like Quickbooks or SAGE
• Sold as Software as a Service (Saas)
• No software to buy or maintain• Clients pay a small monthly fee to access the system• So easy-to-use….there is no instruction manual
• Sold direct online, as a white-label solution for Accountants and through partners
• Appeals both to business owners and Accountants
• Entering a hot space with a differentiated customer offering
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Market Need: A system to replace Excel or Pen and Paper…
“I use Excel, there is no system for a small business like mine. I rely on the Accountant to do my paperwork…its €1000 a month down the drain”
Niamh Barraton – Designer
“Admin is a waste of time, but you have to do it to pay your taxes. I care about cash in and cash out….the rest takes care of itself”
Killian McNurley – The Furniture Store
“I tried a PC-based system but it took too long. I want something that does the bare minimum…no bells or whistles. It just does what my Accountant tells me”
Robert Brown - Photographer
“I use a pen and paper, then transfer to Excel. I just want a simple system that’s easy to use and gives me the basics…Cash management, Suppliers and Bank. I waste my Sundays doing paperwork. Anything that reduces wasted time would be great”
Martin Ansboro – Honest to Goodness Foods
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Food Outlets Owner Operators
Sole Traders Start-Ups
Targeting 80% of businesses..defined as “small”…
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Use Word to create invoices… ..Excel to manage accounts…the post office to send them…
…Order book for customers……and files of paper to manage suppliers.
…they are not well-served by technology….
Accountant to make sense of it…
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Until recently, the market was dominated by traditional solutions…
Price
Functionality
€300 pa €600 pa
Advanced (multi business)
Mid (stock)
26,000
8,000
20,000,000+
5,700,000
14,000
400,000
6,000,000400,000
20,000*
* MYOB Business acquired by Mamut
Summary: Accounts Packages do too much…Excel doesn’t do enough
400,000
50,000
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…Lets create an invoice using the market leader: Quickbooks….
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…the second click takes the user to….the Setup checklist
…with over 60 links to other parts of the system…
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Click on “Guests”…then on the Invoice icon….
…ignore the 30 related links on the page….
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…nearly there...just 5 more Setup steps….
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…then a further 3 steps to describe the transaction….
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…to get a professional looking invoice to print or email….
…This process is too complicated for many non-accountants
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billfaster: The only easy-to-use business admin software
• 6 months research among small business owners• Target “easy-to-use” as key competitive advantage• User gets access only to the basic functionality• Accountant access the “accounting” elements• Low-cost solution coupled with Low-cost business model
• Online Invoicing • Easy Accounting • Customer & Supplier Management
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From the homescreen, users access any area of the system within 3 clicks…
An intuitive home screen launches the application
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Each screen is intuitive and self-explanatory…
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With step-by-step instructions…
..the user simply follows the on-screen steps…
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..filling in the highlighted boxes…
..so its difficult to make a mistake…
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..the user has created and sent an invoice
..in just 3 clicks…
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The system meets the needs of both Client and Accountant…
Client
• Faster and Easier than paper and pen or Excel
• Quick to learn and automates repetitive tasks
• Reduces time wasted on admin
• Help you stay on top of Debtors and focus on Cash management
• Streamlines the year-end process
Accountant
• Transitions the time-consuming task of completing prime books back to client
• Minimises the potential for client error
• No complicated system for client to try (and reject as too complicated)
• Reduces year-end overworking
• Facilitates work-from-home and outsourcing
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Accountants also need a solution for their small clients…
Conclusions
• Small clients unprofitable• Unbillable time spent fixing errors and providing “free” advice• Shortage of low-cost, entry level staff to complete basic bookkeeping• Accounting systems too complicated for clients…
…but practices reluctant to resign accounts
“I spend 80% of my time on the little guys….I don’t make any money on them”
“You get a shoebox full of bits of paper….it’s often faster to re-key everything”
“Clients think they are the only person we have on our books….”
“I charge the small guys €700 or €800 a month…I guess I break even on them…”
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billfaster.com…the ipod of accounting
Sign up today at www.billfaster.com